The company has entered into this agreement with the mineral leaseholder, Westrock Land and is based on representations that Westrock owns all rights to all depths including the Haynesville Shale Formation, pursuant to the oil and gas leases with a minimum 75% net revenue interest.
The option is valid until 31 October 2010, in which time Morgan Creek will conduct its due diligence.
The acreage prospect exhibits several possible zones of interest creating multiple targets, which include the Tuscaloosa, Eutaw and Haynesville formations.
